Cromwell European REIT - Phillip Securities 2024-08-12: Positive Reversions Expected To Continue

• Cromwell European REIT (SGX:CWBU)'s 1H24 DPU of 7.050 € cents was within expectations at 51% of our FY24e forecast. It was 9.5% lower y-o-y, due to asset sales and higher finance costs. NPI fell 2.7% y-o-y mainly due to the divestments of Bari Europa, Bari Trieste and Piazza Affari, which were crucial at keeping net gearing below 40%. Excluding these, NPI was 2.3% higher y-o-y on a like-for-like basis.
• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• The current Cromwell REIT share price implies an FY24e/25e DPU yield of 10.2%/9.7%, and a P/NAV of 0.65x.

The Positives

Portfolio occupancy improved 20bps q-o-q to 93.6% with a healthy portfolio rental reversion of +5.2%.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-05-02 Stoneweg European REIT - Robust Capital Position To Fuel Growth Opportunities.

Previous report by Phillip:
2025-03-13 Stoneweg European REIT - No Refinancing Requirements Until 4Q26.

Price targets by other brokers at Cromwell REIT Target Prices.

Listing of research reports at Cromwell REIT Analyst Reports.

Relevant links:
Cromwell REIT Share Price History,
Cromwell REIT Announcements,
Cromwell REIT Dividend Payout Dates & Corporate Actions,
Cromwell REIT News